Study: 81 percent of homes in San Francisco metro area are worth more than $1 million

In the San Francisco metro area housing market, which in this study includes parts of the peninsula, 81 percent of homes are worth more than $1 million. That's a percentage change of 13.7 over the previous year.

In the San Francisco metro area housing market, which in this study includes parts of the peninsula, 81 percent of homes are worth more than $1 million. That's a percentage change of 13.7 over the previous

In the San Francisco metro area housing market, which in this study includes parts of the peninsula, 81 percent of homes are worth more than $1 million. That's a percentage change of 13.7 over the previous year.

In the San Francisco metro area housing market, which in this study includes parts of the peninsula, 81 percent of homes are worth more than $1 million. That's a percentage change of 13.7 over the previous

Study: 81 percent of homes in San Francisco metro area are worth more than $1 million

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Just how expensive is it to buy a home in the San Francisco metro area? If a million-dollar home is unaffordable, you have less than a 1 in 5 shot of finding something in your budget.

As a new study by home listing website Trulia found, the vast majority of homes in the San Francisco and San Jose metro area housing markets have eclipsed a value of $1 million, far surpassing that of other housing markets nationwide.

In the pricey San Francisco metro (which includes The City but also San Mateo, Redwood City, and others along the peninsula), 81 percent of homes are worth more than $1 million, up from 67.3 percent in 2017. To the south, in the San Jose metro area (which also claims Palo Alto, Sunnyvale and Mountain View), 70 percent of homes are worth more than $1 million, a jump up from 55.7 percent last year. To boot, they found the third-most expensive housing market to be the Oakland metro area (including Berkeley, Alameda, and Lafayette) with 30 percent of homes worth more than $1 million.

In fact, seven of ten of the metro area housing markets with the highest percentage of million-dollar homes are in California; the others include the areas of Honolulu, Seattle, and Long Island, New York.

But what's perhaps more notable — or, depending on perspective, alarming — is how fast particular neighborhoods in Bay Area metro areas are "crossing the threshold" into having their first homes with a $1 million or more value.

In the city of San Francisco, 87 neighborhoods now boast $1 million homes, leaving just 15 — including the Tenderloin, Hunter's Point and the Outer Mission — that haven't yet passed the threshold.

Outside San Francisco, there are seven cities — Lafayette, Foster City, Menlo Park, Cupertino, Mountain View, Palo Alto and Sunnyvale — in which 100 percent of neighborhoods have million-dollar value homes. But it was Fremont with perhaps the most surprising new statistic. In the last year alone, 11 of 27 tracked Fremont neighborhoods were found to have homes worth $1 million.